- JPMorgan holds $500,000 in Bitcoin exposure via ETFs, contrasting CEO Jamie Dimon’s public criticism of the cryptocurrency.
- Dimon softened his 2017 “fraud” stance but compares Bitcoin to cigarettes, acknowledging client demand despite personal skepticism.
JPMorgan Chase, one of the world’s largest banks, reported holding Bitcoin exposure in its recent 13F regulatory filing. The position, valued at approximately $500,000, appears minor compared to the bank’s total assets.
JP Morgan again reported exposure to several Bitcoin ETFs in today's 13F filing.
Reminder that JPM is an Authorized Participant for several ETF issuers. They help with creation and redemption of shares. This is where the exposure comes from.
Jamie Dimon is still very much a…
— Julian Fahrer (@Julian__Fahrer) February 12, 2025
However, the disclosure is notable given CEO Jamie Dimon’s longstanding skepticism toward Bitcoin. In a January interview with CBC, Dimon stated he did not feel “great” about Bitcoin, citing concerns over illegal activities like money laundering.
Dimon’s criticism of Bitcoin dates back to 2017, when he labeled it “a fraud” and threatened to fire employees trading it. Over time, his stance has softened slightly. While he continues to compare Bitcoin to cigarettes—acknowledging client demand despite personal disapproval—the bank has taken measured steps toward crypto. In 2021, JPMorgan allowed clients to access cryptocurrency funds, a decision seen as cautiously supportive of the industry.
The bank’s current Bitcoin exposure stems from its role as an authorized participant for spot Bitcoin ETFs. This responsibility requires JPMorgan to assist ETF issuers in creating and redeeming shares, a procedural function rather than a direct investment.
The filing does not indicate a shift in the bank’s overall strategy. By contrast, Goldman Sachs disclosed $2.3 billion in Bitcoin exposure earlier this year, reflecting a more assertive approach.
ETHNews analysts view JPMorgan’s disclosure as a sign of institutional acknowledgment, even if minimal. The bank’s participation in ETF mechanisms suggests operational adaptation to client needs, despite leadership skepticism.
Meanwhile, Dimon’s tempered rhetoric—from outright hostility to reluctant tolerance—mirrors broader institutional trends. Major financial firms increasingly engage with crypto infrastructure while balancing regulatory and reputational risks.
